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IPG Photonics Announces Agreement to Acquire Genesis Systems Group

Date Announced: 05 Nov 2018

Genesis a leader in the integration of robotic welding and automation solutions.

OXFORD, Mass., Nov. 05, 2018 (GLOBE NEWSWIRE) -- IPG Photonics Corporation today announced that it has signed a definitive agreement to acquire privately held Genesis Systems Group (Genesis), a leader in the integration of robotic welding and automation solutions. The transaction has been approved by the Board of Directors of each company. Subject to satisfaction of customary closing conditions, including regulatory approval, the transaction is expected to close in the fourth quarter of 2018.

Based in Davenport, Iowa and with production facilities in the U.S., Mexico and Japan, Genesis is a qualified robotic systems integrator for more than 300 blue-chip customers in the transportation, aerospace and industrial end markets. Genesis has more than 35 years of robotic system design and integration experience, having integrated more than 6,500 robots with workcells in 43 U.S. states and 17 countries. Genesis develops innovative robotic system solutions for applications that include welding, non-destructive inspection, machine vision, materials handling, removal and dispensing.

"The acquisition of Genesis is an important step in IPG's evolution to becoming a more complete provider of welding solutions and strategic partner to end customers," said Dr. Valentin Gapontsev, IPG Photonics' Chief Executive Officer. "IPG has been a supplier to Genesis for many years and its customers have embraced our new technologies and products. We plan to leverage Genesis' unique expertise in robotic systems integration to accelerate laser processing within the transportation, aerospace and industrial end markets. In addition, Genesis will provide a route to market for IPG's advanced laser welding and laser cleaning solutions."

"By combining Genesis' proven process, automation expertise and customer footprint with IPG's leading-edge portfolio of laser technology, the combined companies are uniquely capable of driving penetration of laser processing and delivering greater value to customers," said Pat Pollock, Genesis' President and Chief Executive Officer."

The cash purchase price is $115 million, subject to customary closing adjustments. Genesis has approximately 380 employees and is expected to achieve approximately $100 million in revenue for the fiscal year ended December 31, 2018. The acquisition is expected to be approximately neutral to IPG's earnings per diluted share, including amortization of acquired intangibles, for the fiscal year ended December 31, 2019.

IPG and Genesis will be showcasing their technology solutions at FABTECH 2018, taking place at the Georgia World Congress Center in Atlanta, Georgia November 6-8, 2018. IPG will be at booth C12868 and Genesis at booths C13242 and C13029.

Source: IPG Photonics

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